Bianchi Stephen M 4

What Happened

• Stephen M. Bianchi, CEO, President and a director of Citizens Community Bancorp (CZWI), reported option activity on 2026-04-20. The Form 4 shows an exercise/conversion of derivative securities (code M): he acquired 5,000 common shares at an $11.00 exercise price (cost $55,000) and a separate line shows a disposition of 5,000 derivative shares at the same $11.00 price (value $55,000).
• Footnote indicates these shares are held in the reporting person’s self-directed IRA. The options relate to a grant under the company’s 2008 Equity Incentive Plan; the filing includes a vesting schedule showing the award vested in increments from 2017–2021.

Key Details

• Transaction date and filing date: 2026-04-20 (Form 4 filed same day).
• Price: $11.00 per share; acquisition value shown = $55,000 for 5,000 shares.
• Reported actions: Option exercise/conversion (transaction code M) showing both an acquisition and a disposition of 5,000 shares.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: F1 = shares held in reporting person’s self-directed IRA; F2 = original option vesting schedule under 2008 plan.
• Timeliness: Filing date = transaction date, so appears timely (no late filing indicated).

Context

• This filing documents an option exercise (a purchase of shares via conversion of derivatives). The presence of both an acquisition and a same-sized disposition on the same date suggests a simultaneous conversion/transfer or internal reclassification rather than a straightforward open-market buy or sell; the Form 4 does not specify whether shares were sold on the open market or simply moved/withheld to cover obligations.
• Exercises convert options into shares and do not necessarily signal a buy for investment exposure the way an open-market purchase does; however, they do increase the insider’s direct shareholding if shares are retained.